Commercial & Private Bank Compliance Risk & Controls Associate

Flagstar Bank • New York, NY

9d

About The Position

The Commercial & Private Bank Compliance Risk & Controls Associate will play an integral role in the design, buildout, transformation and implementation of a Compliance risk management framework as well as advise and oversee business lines through ongoing identification, assessment, and measurement of material risks and key controls. The Commercial & Private Bank Compliance Risk & Controls Associate, in this 1st Line of Defense (1LOD) role, will bring expertise in regulatory Compliance and risk experience in Commercial & Private Banking businesses. • The Private Bank consists of Private Client Groups (PCGs) who are highly specialized in providing white glove service to High Net Worth and Commercial clients by offering Deposit products, lending, and products and services from Flagstar’s broader offerings. • The Commercial Bank includes lending, finance, and banking focused on middle market Commercial & Industrial (C&I) companies. The organization also provides capital markets, foreign exchange and derivatives, treasury management products and services, and banking as a service. This position will collaborate with senior members of Enterprise Compliance (2nd LOD) & Enterprise Risk Management (2nd LOD), Internal Audit (3rd LOD), and External Regulatory Agencies. This position is critical to supporting the strategy of the Commercial & Private Banks by ensuring prudent risk and compliance management which permit the bank grow profitably.

Requirements

• Education level required: Undergraduate Degree (4 years or equivalent) in Finance, Economics, Business, Data & Analytics or similar.
• Minimum experience required: 4+ Years of risk and internal control experience.
• Experience in Commercial Banking and associated Lending and Deposit products
• Large Bank experience
• Ability to execute in change management environments, and has experience building programs / frameworks from the ground up
• Ability to partner effectively across all levels of the organization and develop positive working relationships
• Ability to analyze and assess the adequacy of operational controls and identify opportunities for process improvements and efficiency gains
• Ability to follow company policies, guidelines and procedures
• Strong attention to detail, ability to prioritize and multi-task
• Ability to maintain confidentiality using tact and diplomacy
• Excellent verbal and written communication skills and demonstrated success communicating with various levels within an organization.
• Ability to think critically and logically
• Ability to analyze and resolve problems pertaining to risk governance, audit, compliance
• Ability to develop effective relationships with various levels within an organization
• Proactive self-starter with good people management skills and a strong work ethic
• Demonstrates a strong ability to build and maintain effective relationships with stakeholders by communicating clearly, engaging in proactive collaboration, and leveraging cross functional insights.
• Aligns relationship building efforts with enterprise goals to accelerate performance and drive strategic results.
• Builds trusted client relationships, whether internal or external, by identifying needs and delivering tailored solutions to enhance the overall client experience.

Nice To Haves

• Experience in Treasury Management, Capital Markets, and Derivatives is a plus
• Demonstrated effectiveness in managing operational requirements, preferably in a Commercial Banking capacity
• Understanding of Risk and Control Self-Assessments (RCSA) and Sarbanes-Oxley requirements
• Understanding of Non-Financial Risk management and audit industry best practices
• Understanding of laws and regulations impacting financial institutions
• Ability to manage and execute multiple projects within required timelines
• Experience defining and documenting business processes and functions

Responsibilities

• Risk Advisory Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the buildout, implementation, and consistent execution of a Compliance Risk Management framework within the 1st LOD.
• Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the buildout, implementation, and consistent execution of the 1st LOD Compliance Risk roles and responsibilities associated with a Risk Governance Framework subject to Bank regulatory heightened standards, including Risk Culture, Risk Appetite, Roles and Responsibilities, Risk Governance, Risk Assessment, and Risk Monitoring & Reporting.
• Provides 1st Line with guidance with regard to the execution of Compliance Risk framework responsibilities with Business Process Owners including Enterprise Compliance Risk Assessments, Regulatory Compliance & Change Management, Customer Complaint Management, Compliance Testing, Issue Management, External Risk Events, Key Risk Indicators, Control Identification and Design, and Quality Assurance programs.
• Leads Compliance Risk management assessment of new products and services, including enterprise change management programs.
• Provides Compliance Risk advisory and guidance to the Business Process Owners including process and control design, early risk identification, control environment operating effectiveness, and policies and procedures.
• Provides guidance on assurance activities to help ensure that Compliance Risk Management Frameworks and controls are effective to manage risks associated with the Commercial & Private Banks strategic plan.
• Directly engages with Bank leaders on identified Compliance incidents and issues in root-cause analysis, action plans, supporting documentation and testing of implemented controls to effectively remediate findings or issues.
• Provides senior members of the Bank with risk advisory and guidance on project initiatives, risk assessments, and risk remediation efforts impacting the Business Units.
• Governance Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the buildout and implementation of a Business Unit Review Governance model and cadence for Commercial & Private Bank Business Units.
• Leads activities to help ensure compliance with all Enterprise Compliance policies and standards, and management of Compliance Risks within the Bank’s risk appetite.
• Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the implementation of Compliance Risk management methodologies for Commercial & Private Bank Business Units.
• Performs activities to help ensure that key risk and control data, inventory, metrics, and reporting are established and actively monitored.
• Performs activities to help ensure that Compliance Risk culture is imbedded across the Commercial & Private Bank organizations with an appropriate training regimen.
• Bank Initiative Partner Actively influences and engages in Enterprise Compliance & Risk forums and socializes with Commercial & Private Bank colleagues.
• Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in interactions with the Bank’s regulators and Internal Auditors.
• Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the interaction with the following Business Unit partners: Bank Examiners, External Bank Auditors, Enterprise Compliance & Risk Management, Internal Audit, Regulatory Affairs, Business Process Owners, and Shared Services organizations.
• Interfaces with Internal Audits, Compliance Tests, and External Exams with Business Process Owners to ensure timely delivery and completeness of required documentation.
• Risk Advisory Guidance and Communication Interprets complex regulatory requirements and effectively communicates the potential impact to affected business lines.
• Leads efforts to support the development and implementation of regular communication methods to keep employees informed of policy, procedural and regulatory updates.
• Regularly evaluates assigned Business Unit processes and practices to ensure consistency with applicable regulatory requirements and expectations.
• Stays abreast of compliance and regulatory changes at Flagstar and within the industry to continue to act as a risk subject matter expert for advising and monitoring processes across the Business Units.
• Procedure & Process Management Provides direction and expertise on development of sufficient documentation including policies, procedures, processes, and user guides to increase efficiencies, reduce errors and mitigate risk.
• Performs activities to help ensure that regulatory/compliance related requirements are embedded within Business Units procedures and user guides.
• Ensures ongoing / annual reviews of Risk procedures to ensure accuracy and compliance with policies.
• Understands the current systems and their respective capabilities.
• Supports the Commercial & Private Bank Business Risk & Controls Officer – Compliance Risk Officer in the preparation of comprehensive written reports and summaries communicating results of findings and highlighting overall business risk, where necessary.
• Uses independent judgement and discretion to make decisions.
• Analyzes and resolves problems.
• ADDITIONAL ACCOUNTABILITIES Performs special projects, and additional duties and responsibilities as required.
• Consistently adheres to regulatory and compliance policies and standards linked to the job as listed and complete required compliance trainings.
• Accountable to maintain compliance with applicable federal, state and local laws and regulations.

Benefits

• Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level